Building effective introducer relationships

Introducers or intermediaries can be one of the most positive and effective business development levers you can focus on. It is essentially a relationship that provides you with referrals to potential clients, but when developed well, it is a deeper and more active relationship that is often more productive.

If you have read my articles, you will know it’s one of three business development ‘levers’, together with existing clients and new clients directly. You can read more in this article on Business development versus marketing.

Developing more work from existing clients in an established firm is the easiest win for growth. However, the introducer ‘lever’ is usually a clear second as it’s easier and more productive than new clients directly. A great introducer relationship can produce new potential clients on a regular basis. Additionally, in some areas of professional services, such as family law, it’s essential to have this lever working well.

In this article, I look at how you can maximise this lever as part of your business development strategy because a good introducer relationship is beyond simply knowing people who hear of people who need what you offer.

Why can introducers be such an effective part of a BD strategy?

There are two key reasons:

1. Time-efficient. It can be time-consuming and costly to find new clients directly through BD activities such as networking. However, consider if you go to an event and meet a relevant introducer. That one relationship, when developed well, can lead to several new clients.
2. Effective client conversion. When a potential client is introduced to you by another trusted person, they have already identified that the prospect has a need that you may be able to help them resolve. Secondly, the introducer is effectively endorsing that you are good at what you do, so it is likely to take less effort to win that client’s business. You are borrowing the trust that the prospective client has with the introducer.

What makes you someone people want to refer to?

An introducer is putting their own reputation and relationship behind you when they make an introduction. They therefore need confidence not only that you can help, but that you will handle the introduction well.

Make it easy for people to introduce you by being clear about who you help, the situations where you can add value, and the type of work you are looking for. They need to be confident that you will build a good relationship with the person they introduce, rather than immediately trying to sell to them.

How you handle the introduction matters too. Respond promptly, thank the introducer, build rapport with the potential client, and, where appropriate, keep the introducer informed. You want them to feel that their introduction has been valued and handled professionally.

Ultimately, people are more likely to introduce you when they trust that you will make them look good for making the introduction.

How to get started

1. Have clarity in your BD plan on which introducers you want to build relationships with based on the services you are focusing your proactive business development on, with your ideal clients in mind.
2. Focus on the introducer relationship first – work on building trust and rapport. Unless this is done well, the person will not refer their valuable clients and contacts to you. As with all professional relationships, it’s vital to have the specific person in mind when building the relationship, particularly when considering the relationship’s development and relevant next steps. For instance, avoid asking for referrals to their clients in an early conversation!
3. Don’t assume how you help clients is obvious. As you build relationships with introducers, make sure they understand what a good client looks like for you, i.e., the profile and the types of challenges they may be experiencing or objectives they need to achieve, as well as the value you bring to those situations. Gain the same understanding about the introducer and their work.
4. Consider how you work together. It might be simply that introductions are made. However, it is worth considering whether there could be other opportunities such as hosting joint events.
5. The relationship needs to develop over time, which means you need to stay top of mind, so have a contact strategy for these key relationships.
6. Regularly assess what is working well. Don’t just measure introducer activity by how many referrals you receive. Look at the number and quality of introducer relationships you’re developing, the conversations you’re having, introductions made, opportunities generated, and work won. There is often a lot to learn about your ideal clients and the market from quality introducer relationships.

Important considerations for introducers

1. Some people will never be what you want them to be – 3 types of potential introducers.

It can be frustrating when you have identified someone that meets the criteria you have set out in your BD strategy, and despite numerous interactions, that person has never introduced you to anyone.

The reality is some people never will. Even if you know they have clients you could help. This can be because they haven’t developed their relationship with that client sufficiently to understand broader needs they may have, they don’t have enough trust in their relationship with you,  they simply don’t think it is worth the time and effort, or they have never thought about doing it. If you are experiencing this after a period of time, it’s best to move on from overly focusing on that relationship.

There is then a second category: reciprocal introducers who will engage when they get some direct benefit from introducing potential clients to you. That could be referrals to them or even displays of gratitude such as a small thank-you gift or lunch invitation. If this works, then these can be fruitful relationships to spend valuable time on. Although they can appear more transactional.

The final type, which I call the holistic introducer, is the most valuable type. These are people you have built a good relationship with; they understand the value of helping clients more broadly in terms of the value to their client relationship, and usually, they are people who want to collaborate and help others. They often really enjoy connecting people. These people are like gold dust, so if you develop some of these relationships, then they should be a top priority.

2. Introductions can’t always go both ways

Depending on the services you offer, the referral flow may be able to go both ways. However, sometimes one need may follow in a certain order. An example could be a business owner selling their company would usually engage a corporate lawyer, but then an accountant may be needed to deal with tax or financial issues. It can be helpful to build the relationship and, as part of that, discuss how you might be able to pass clients between you.

What next for you?

If relationships with introducers aren’t currently part of your BD activity plan, then consider which types of introducers have clients who are of a similar profile to the ones you work with and consider how you can start to activate that business development ‘lever’.

If you have typically built positive and productive introducer relationships, then consider which could be developed further and whether there are any gaps in your plan and approach.

What steps could you take to develop work from introducer relationships?

Audit your introducer strategy:

1. Which types of introducers could give you access to your ideal clients?
2. Which existing introducer relationships have the greatest potential?
3. What do those people need from you to feel confident introducing you?
4. What is the next step you could take to develop each relationship?

If you’d like to discuss your introducer strategy and related activities, including developing the relationship skills required, then email me to arrange a short conversation.